Medical-device maker Medtronic plans to separate its diabetes business into a stand-alone company, the company said, in a move that hives off a division that had struggled but recently returned to growth.

Medical device maker Medtronic said on Wednesday it plans to separate its diabetes business, which houses its insulin pumps and other wearable devices, into a stand-alone company and forecast 2026 adjusted profit below estimates.

Global medical device company Medtronic announced Wednesday that it intends to separate its diabetes business into a standalone company. The new diabetes company will focus on accelerating innovation and addressing intensive insulin management, according to a news release from Fridley-based Medtronic.